New Delhi: State-run explorer Oil India is considering buying a stake in the Gabon assets of French oil producer Maurel et Prom , a company source said on Wednesday.

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“We have come to a reasonable stage. We have conducted technical and financial due diligence. We will now take it to the board," the source said.

Earlier on Wednesday, Oil India’s finance director T. K. Ananth Kumar had said the company has an appetite to invest between $1 billion and $1.2 billion for acquiring overseas oil and gas producing assets.

Oil India, which operates mostly in India’s North East region, holds participating interest in overseas assets in Libya, Gabon, Iran, Nigeria and Sudan.

India is the world’s fourth-largest oil importer, importing about 80% of its crude needs. It is scouting for oil and gas assets abroad to meet demand in an economy growing around 8.5%, and to feed its expanding refining capacity.